Tag Archives: System D

Gold Smuggling to Climb in India on Tax Increase, Festivals

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“The third increase in import taxes on gold this year by India, the world’s biggest user, is set to boost smuggling ahead of the festival and wedding seasons as official imports halt on central bank curbs, a trade group said. Poor Indian laborers working in the Middle East are acting as couriers for organized gangs in return for a ticket home and a few thousand rupees, according to Rishi Yadav, assistant commissioner at the Mumbai customs department’s Air Intelligence Unit. The gangs seek to benefit by selling that smuggled bullion to traders and mom-and-pop jewelry stores, who benefit from cheaper supplies.”

http://www.bloomberg.com/news/2013-08-13/india-gold-tax-increase-festival-demand-seen-spurring-smuggling.html

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Diamond Jeweler Turns Alleged Smuggler as India Gold Prices Rise

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“In January, jeweler Vihari Sheth was publicizing a ritzy new line of diamond-encrusted designs. Last week, she was arrested at Mumbai airport with nearly $400,000 of gold jewelry in her underwear and on her person. The 27-year-old has a store in Singapore and is married to a director of Mumbai-based Siyaram Silk Mills Ltd (SIYA), a suit maker that is a household name in the country. Her arrest offers a glimpse into how even the wealthy may be joining small jewelers and organized gangs to skirt new government taxes on bullion imports that have made gold about 9 percent more expensive in Indian stores.”

http://www.bloomberg.com/news/2013-08-06/diamond-jeweler-turns-alleged-smuggler-as-india-gold-prices-rise.html

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Gold replaces narcotics as the most valued smuggled item in India

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“The Bombay Bullion Association has stated that the tighter import curbs by the government have resulted in a huge gap between supply and demand for the precious metal. This huge gap is being partly filled by the illegal traffickers who buy the gold overseas at a cheaper rate and sells it to domestic jewelers or bullion agents by evading tax. Revenue authorities seized gold worth Rs 598 million during April-June quarter this fiscal, an increase of nearly 365% in comparison with the same quarter last year. Smuggled gold pours into the country mainly from Dubai, Bangkok and Singapore.”

http://www.resourceinvestor.com/2013/08/07/gold-replaces-narcotics-as-the-most-valued-smuggle

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Chinese baby ‘sold by doctor’ reunited with parents

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“Zhang Suxia, the doctor responsible for the birth, allegedly persuaded the parents to give up their child last month after informing them he had serious congenital diseases.  The paper reported that a farmer with three daughters bought the baby boy from the alleged traffickers for 60,000 yuan ($9,800).  Trafficking of children is a serious problem in China, blamed in part on the ‘one-child’ policy which has put a premium on baby boys, with girls sometimes sold off, abandoned or put up for adoption. Chinese police rescued 89 children and arrested 355 suspects in December after breaking up a series of child trafficking rings.”

http://www.rawstory.com/rs/2013/08/06/chinese-baby-sold-by-doctor-reunited-with-parents/

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Golden trail: Dubai to Chennai via Delhi

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“Directorate of Revenue Intelligence (DRI) sleuths on the trail of 16kg gold boarded the Delhi-Chennai Rajdhani Express when it neared the outskirts of the city and followed the smugglers all the way to city before seizing the contraband and arresting four people, including two Sri Lankans, on Friday. Investigators intercepted the train when it reached Gummidipoondi railway station and boarded it. They identified the smugglers and tailed them to a house at Kodambakkam where they delivered the consignment. This is the second major seizure since March when DRI caught a senior diplomat from the UAE for allegedly smuggling 37kg gold jewellery.”

http://articles.timesofindia.indiatimes.com/2013-08-05/chennai/41092081_1_gold-bars-dri-igi-airport

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